Coronavirus and Life Insurance: What You Need to Know

Coronavirus and Life Insurance

With the coronavirus outbreak sweeping the globe, life insurance may have crossed your mind. A term life policy can provide financial support for those you leave behind if the worst should happen. 

Here at Everyday Life, we’re seeing a significant increase in customers as COVID-19 gets closer to home. Our staff is working 100% remotely for the safety and protection of our communities, and we’ve increased our capacity to help everyone who needs it.

The pandemic shouldn’t impact your life insurance coverage if you already have a policy in place. But what if you don’t have a life insurance policy? You can still qualify, though your recent or upcoming travel plans could impact the underwriting process.

How a global health crisis affects life insurance

Your medical and health history play significant roles in your life insurance premiums. The global health crisis may affect your policy if you’re in the application process. If your plan is already in place, you can breathe a sigh of relief.

Life insurance policies don’t exclude pandemics, so companies can’t deny your family from getting a death benefit.

Your beneficiaries will receive a payout if you die from COVID-19 as long as your policy is active.

Even if you traveled to a high-risk area or to a country with a travel advisory, you’re covered.

What if you don’t have a life insurance policy?

If you don’t already have a life insurance policy or are in the application process, your coverage may be delayed. The pandemic can influence your life insurance application. 

Because of the global health crisis, life insurers may take a closer look at:

  • Your medical records 
  • The possibility of COVID-19 symptoms
  • Your recent and upcoming travel plans 

Additionally, many life insurers have imposed 30-day waiting periods if you’ve recently traveled to a high-risk area such as China, Iran, and several European countries.

If you need but don’t have a term policy, you may want to get one now. No one knows the long-term effects this pandemic can have on a person’s health. Your policy premiums could increase if COVID-19 causes you to develop a long-term health condition.

Applying for life insurance during a pandemic

If coronavirus has caused you to rethink your need for life insurance, don’t panic.

You should never buy a term life policy just because there’s a virus going around. If you want to protect your family, life insurance can provide financial support for your loved ones after you’re gone.

Before you shop for term life, you should assess your needs. 

Everyday Life has an objective assessment tool that makes buying life insurance easy. In less than five minutes, you’ll know how much life insurance you need and be on your way to having a policy in place.

Additionally, it may be hard to complete a medical exam now, as some policies require. You can reduce the likelihood of a medical exam being required with our policies by keeping within these guidelines:

10 year policy:

Ages 20-50 applying for $500,000 or less coverage

15-40 year policies:

Ages 20-40: $1,000,000 or less

Ages 41-45: $750,000 or less

Ages 46-50: $500,000 or less

Want to know more? Check out our blog for additional shopping tips to help you save money on life insurance.

Want to discuss your situation with a licensed expert who doesn’t work on commission? Book a free 15 minute consultation here.

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